Report Id: SNS/ICT/2415 | July 2022 | Region: Global | 132 Pages
Report Scope & Overview:
The Contact Center Software Market size was valued at USD 24.27 Bn in 2021 and is expected to reach USD 101.56 Bn by 2028, and grow at a CAGR of 22.69% over the forecast period 2022-2028.
A contact center is a centralized office that a company uses to evaluate the performance of customer service representatives. It is used to handle letters, faxes, and e-mails collectively at one location, as well as to transmit and receive enormous numbers of telephone inquiries. It also aids in understanding the whole concept of customer relationship management used by contact centers to analyze interactions and bridge any gaps so that the right repairs may be made.
The market's expansion may be ascribed to the increasing usage of cloud-based and virtual contact center solutions to improve business continuity. Contact centers throughout the world are concentrating on shifting the customer experience from a single encounter to a journey of consistent and individualized interactions. Contact center software is now assisting organizations in delivering a consistent customer experience across all communication channels. The considerable focus that organizations have on simplifying and customizing client interactions in order to improve customer satisfaction is driving market expansion.
The adoption of modern contact center technology is increasing.
Handling contact center attrition and absenteeism are required.
There is a growing need for omnichannel solutions to reduce the effort required to reach end customers.
Continuous migration to cloud-based call centers
To achieve high customer satisfaction, there is an increasing desire for individualized and simplified client interactions.
In emerging economies, insufficient network capacity limits the use of VoIP and cloud-based telephony.
PRI phone services have high fees and long-term commitments.
How IVR fraud and cyber threats affect corporate operations.
Customer needs for powerful self-service interactions are changing.
There is an increasing need for real-time audio and video conversation analysis.
Shifting corporate focus toward work-from-home culture.
Aspects of data privacy and security
Obstacles to migrating contact centers to cloud infrastructures
IMPACT OF COVID-19:
The COVID-19 epidemic has had little influence on the expansion of the contact center software business, which has risen in the face of unprecedented conditions. Enterprises increasingly need to break free from outdated infrastructure in order to build a more flexible approach to customer interaction. However, customer engagement success has traditionally been judged by the accuracy and speed with which requests are addressed. Furthermore, the continued trend of working from home (WFH) during the pandemic drives the usage of contact center software to maintain company continuity and efficiency.
In 2021, the IVR sector dominated the market. Traditional speech recognition software cannot read tones and accents as precisely as interactive voice response systems. The customer collaboration solution sector is expected to grow at the quickest rate over the projection period. Customer collaboration solutions improve firms' interactions with both present and new consumers. In 2021, the integration and deployment sector dominated the market. Businesses across the world are rapidly investing in integrating different apps and technologies, such as Customer Relationship Management (CRM), into their business operations, fueling the growth of this category. The managed services category is expected to develop at the quickest rate over the projection period.
In 2021, the on-premise segment dominated the market. On-premise deployment entails installing all of the gear and software needed to run and manage a contact center on the customer's premises. Only by investing extensively in professional services can organizations reap the customizability benefits of on-premise systems. The hosted category is expected to grow at the quickest rate over the projected period. Businesses all around the world prefer cloud-based contact center solutions versus on-premise systems because of their capacity to scale services. Cloud solutions are intended to link agents to centralized contact center software while also providing staff with a secure intranet to collaborate and communicate with one another.
In 2021, the big enterprise sector dominated the market. Customers of large corporations may be found all around the world. As a result, major firms are more inclined to invest in cutting-edge technologies to maintain company continuity and efficiency. Furthermore, major organizations often pick solutions and services that have the potential to increase profitability. From 2022 to 2038, the Small and Medium Enterprise (SME) category is expected to grow at the quickest rate. The increasing use of customer care solutions by SMEs worldwide is likely to boost category growth during the forecast period. The increasing number of small and medium-sized firms throughout the world is expected to open up new prospects for the category in the future years.
In 2021, the IT & telecom category dominated the market. The fierce competition in the IT and telecommunications industries shows no signs of abating. Several new players are entering the business and exploring novel ways and approaches to success. IT and telecom companies are flourishing for innovation and focused on increasing revenues by installing proper solutions to ensure that their client service is always available, as well as successfully utilizing massive amounts of consumer data for actionable insights. The consumer goods and retail categories are expected to grow at the quickest rate throughout the projection period. Customers are increasingly turning to digital media for their buying requirements. These technologies assist organizations and retailers in engaging in individualized interactions with customers and developing strong customer connections.
KEY MARKET SEGMENTS:
On The Basis of Component
On The Basis of Deployment
On The Basis of Enterprise Size
Small & Medium Enterprise
On The Basis of End Use
Consumer Goods & Retail
IT & Telecom
Travel & Hospitality
The growing omnichannel approach to sales, along with North America's burgeoning e-commerce industry, is felling demand for contact center software. Companies are attempting to diversify their company portfolios in the region due to the enormous potential it offers. Notably, enterprises are moving their emphasis to cloud-based solutions in order to improve efficiency and scalability. More and more North American businesses are turning to contact center solutions to meet rising consumer demands, resolve customer complaints, and improve on input from both digital and non-digital channels in order to boost revenue and minimize loss.
Rest of Europe
Rest of Asia-Pacific
The Middle East & Africa
Rest of Middle East & Africa
Rest of Latin America
The major key players are Avaya, inc., Cisco Systems, inc., Genesys, Huawei technologies co., ltd., Microsoft corporation, Mitel corporation, Nec Corporation, Nice systems ltd., Oracle corporation, SAP SE
|Market Size in 2021||US$ 24.27 Billion|
|Market Size by 2028||US$ 101.56 Billion|
|CAGR||CAGR 22.69% From 2022 to 2028|
|Report Scope & Coverage||Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook|
|Key Segments||• by Component (Solution and services)
• by Deployment (Hosted and On-premise)
• by Enterprise Size (Large Enterprise and Small & Medium Enterprise)
• by End Use (BFSI, Consumer Goods & Retail, Government, Healthcare, IT & Telecom, Travel & Hospitality, Others
|Regional Analysis/Coverage||North America (USA, Canada, Mexico), Europe
(Germany, UK, France, Italy, Spain, Netherlands,
Rest of Europe), Asia-Pacific (Japan, South Korea,
China, India, Australia, Rest of Asia-Pacific), The
Middle East & Africa (Israel, +D11UAE, South Africa,
Rest of Middle East & Africa), Latin America (Brazil, Argentina, Rest of Latin America)
|Company Profiles||Avaya, inc., Cisco Systems, inc., Genesys, Huawei technologies co., ltd., Microsoft corporation, Mitel corporation, Nec Corporation, Nice systems ltd., Oracle corporation, SAP SE|
|Key Drivers||•The adoption of modern contact center technology is increasing.
•Handling contact center attrition and absenteeism are required.
|Market Restraints||•PRI phone services have high fees and long-term commitments.
•How IVR fraud and cyber threats affect corporate operations.
Frequently Asked Questions (FAQ) :
Ans: - The forecast period of the Contact Center Software market is 2022-2028.
Ans: - In emerging economies, insufficient network capacity limits the use of VoIP and cloud-based telephony and PRI phone services have high fees and long-term commitments.
Ans: - The segments covered in the Contact Center Software Market report for study are on the Basis of Component, Deployment, Enterprise Size, and End Use.
Ans: - The major key players are Avaya, inc., Cisco Systems, inc., Genesys, Huawei technologies co., ltd., Microsoft corporation, Mitel corporation, NEC Corporation, Nice systems ltd., Oracle Corporation, SAP SE.
Ans: - Key Stakeholders Considered in the study are Raw material vendors, Regulatory authorities, including government agencies and NGOs, Commercial research, and development (R&D) institutions, Importers and exporters, etc.
Table of Contents
1.1 Market Definition
1.3 Research Assumptions
2. Research Methodology
3. Market Dynamics
4. Impact Analysis
4.1 COVID 19 Impact Analysis
4.2 Impact of the Ukraine- Russia war
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8. Contact Center Software Market Segmentation, by Component
8.1.1 Automatic Call Distribution
8.1.2 Call Recording
8.1.3 Computer Telephony Integration
8.1.4 Customer Collaboration
8.1.5 Interactive Voice Responses
8.2.1 Integration & Deployment
8.2.2 Support & Maintenance
8.2.3 Training & Consulting
8.2.4 Managed Services
9. Contact Center Software Market Segmentation, by Deployment
10. Contact Center Software Market Segmentation, by Enterprise Size
10.1 Small and Medium Enterprise
10.2 Large Enterprise
11. Contact Center Software Market Segmentation, by End Use
11.2 Consumer Goods & Retail
11.5 IT & Telecom
11.6 Travel & Hospitality
12. Regional Analysis
12.2 North America
12.3.6 The Netherlands
12.3.7 Rest of Europe
12.4.2 South Korea
12.4.6 Rest of Asia-Pacific
12.5 The Middle East & Africa
12.5.3 South Africa
12.6 Latin America
12.6.3 Rest of Latin America
13. Company Profiles
13.1 Avaya, inc.
13.1.2 Products/ Services Offered
13.1.3 SWOT Analysis
13.1.4 The SNS view
13.2 Cisco Systems, inc.
13.4 Huawei technologies co., ltd
13.5 Microsoft corporation
13.6 Mitel corporation
13.7 Nec corporation
13.8 Nice systems ltd.
13.9 Oracle corporation
13.10 SAP SE
14. Competitive Landscape
14.1 Competitive Benchmarking
14.2 Market Share Analysis
14.3 Recent Developments
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